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Definition of a Title Loan

What’s an automobile equity loan, a pink slip loan, and an auto collateral loan? They can’t be the same thing … or could they?

What is a title loan? A title loan is a way to use your vehicle’s title to borrow money in a quick, efficient fashion. You are using the money you have already put into your car to secure your loan, so you can GET YOUR MONEY FAST.

When you get a title loan with LoanMart, you can receive your funding as fast as one business day3, that’s the kind of quick efficiency we’re talking about.

But it’s good to be aware of all the facts. To understand what a title loan is you need to know all the names they can go by. There are many names that also mean “title loan,” these names include:

Pink slip loan

Auto title loan

Auto equity loan

Car title loan

Title loan with bad credit

Automobile title loan

Car equity loan

Cash for car title loan

Auto collateral loan

Yup, all those names mean the same thing!

But how do you get a title loan? Are they easy to get? What kind of credit do you need? Don’t worry, we’ve got the answers to your questions right here.

How Difficult is it to Get a Title Loan?

LoanMart is proud of our streamlined process because it makes getting a title loan EASY. We know that life can throw some expensive surprises at you, and it’s not always easy to come up with thousands of dollars on the drop of a hat. But with LoanMart you can be funded with the financial assistance you need as soon as the next business day3!

Also, don’t stress if you have less than perfect credit. Most lenders judge you on your credit score, like it determines the kind of person you are! We think that’s ridiculous. LoanMart cares more about the equity value of your vehicle and your ability to pay back the loan than your credit score. All types of credit are encouraged to apply for a LoanMart title loan.

LoanMart may check your credit score, but just to make sure you aren’t currently filed for bankruptcy or currently going through credit counseling.

How to Get a Title Loan

Like we said, our process is streamlined so you can get your money right when you need it. At LoanMart we have a 3-step process that’s designed by us, for you. Here’s how it works:

1. Apply online, over the phone, or with our awesome live chat feature. We have qualified LoanMart representatives available 7 days a week with extended hours, because we know you may need help at ANY time, even on the weekends.

We have a quick information request for you to fill out, it should only take about 5 minutes to complete, and you’ll know if you are qualified then and there. Don’t waste your time waiting forever on a traditional lender to get back to you, LoanMart will get it done.

2. Once you’re approved, an experienced LoanMart representative will chat with you about your quote and some of the details in your loan contract. There are no fees or any obligation to start. Your quote is 100% free, and you choose if you want to proceed with the loan. We don’t want to rope you into anything you aren’t excited about.

At this point we will also ask you for a few documents, some of these documents will include:

A government issued form of photo ID

Proof of residence

Proof of income

Title to your vehicle with your name on it

Sometimes we might need other documents for clarification, but we’ll let you know

Don’t sweat it too much if you can’t find your title, or if your name isn’t on it, we may still be able to help you.

3. Get your money! Once we have received your documents it’s time to sign your contract! We will also sign on to your vehicle title, but only as a lienholder. Once you have paid off your loan you can have your title back!

LoanMart will also never require you to disclose how you are using your loan money. We won’t hound you like other lenders might. Your money is yours to do with as you please, we hope you enjoy the financial freedom!

Patrick Smith is one of our top customer service representatives and loan initiators at LoanMart. His years of experience in helping customers navigate through the LoanMart process, makes him our expert in writing tips and advice about how it works at LoanMart.

RECENT POSTS

If a resident of South Carolina is looking to get a loan they may be curious about the options that they have in their state. In South Carolina auto title loans are available as a loan option for its residents. LoanMart has been giving out auto title loans for years and service the residents of South Carolina.

If you find yourself confronted with an unexpected expense in South Carolina, you may be considering a car title loan. Are you concerned about the amount of money you’ll be able to borrow? If you don’t want to over-borrow, you’ll be interested in knowing what the minimum amount of money you may be able to borrow is.

LoanMart may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. LoanMart does not offer or service student loans. California loans are made or arranged pursuant to a California Financing Law License. See State Disclosures for additional disclosures.

1Credit approval is subject to LoanMart’s credit criteria standards. Actual loan amount, term, and Annual Percentage Rate of the loan that a consumer qualifies for may vary by applicant. Minimum loan amounts vary by state. Consumers need to demonstrate ability to repay the loan.

2Based on consumers who received a loan from February 2002 to October 2018.

3Application processes could take five (5) minutes to complete. Upon completion, a conditional approval may be given pending review of documentation. Funding time is based on the time from final approval following receipt and review of all required documents and signing, prior to 5PM PST on a business day.

4To exercise the right to rescind, the consumer(s) must notify LoanMart in writing by midnight on the sixth calendar day from obtaining the loan. Within one business day from notice of rescission, the consumer(s) must return any monies received and fees paid on behalf of the consumer(s) by certified funds.

5LoanMart recommends and encourages customers to pay early and often and more in order to avoid additional finance charges.

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